Offbeat Gasoline prices jump to highest since Hurricane Harvey

23:06 09 may 2018

23:06 09 may 2018 Source:
cnbc.com

March home prices make their biggest jump in 4 years

March home prices have surged 7 percent higher and now half of the nation's largest housing markets are considered overvalued.Prices surged 7 percent higher in March compared to a year ago, according to CoreLogic. That is the biggest gain since May 2014. All 50 states saw home values increase, and prices are now higher than they were at the peak of the last housing boom, although that does not account for inflation.

Labor Day weekend traditionally signals the end of the summer driving season. But as drivers pack up for holiday, pump prices for gasoline are the highest since 2015, thanks in large part to Hurricane Harvey .

But as drivers pack up for holiday, pump prices for gasoline are the highest since 2015, thanks in large part to Hurricane Harvey . That’s the highest pump price since September 2015, the data showed.

Gasoline prices rose on Wednesday, touching their highest levels since late August, when Hurricane Harvey devastated the Gulf Coast, knocking out a quarter of U.S. refining capacity.

The jump in gasoline futures followed President Donald Trump's announcement on Tuesday that he is withdrawing the United States from the 2015 Iran nuclear deal. The Trump administration immediately restored sanctions on Iran, OPEC's third-largest oil producer.

Gasoline futures on the New York Mercantile Exchange rose as high as $2.169 on Wednesday, the highest level since August 31. That day, futures spiked as high as $2.1705, after days of severe weather and flooding in the heart of the nation's refining hub on the U.S. Gulf Coast.

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Gasoline prices surged to a two-year high at the pump Thursday after the owner of the largest pipeline in the U.S. reported that shipments are being sharply curtailed, spreading the economic pain from Hurricane Harvey throughout the nation.

But as drivers pack up for holiday, pump prices for gasoline are the highest since 2015, thanks in large part to Hurricane Harvey . That’s the highest pump price since September 2015, the data showed.

Wednesday's rally mirrored a surge in crude oil, the raw material for gasoline and other fuels. U.S. West Texas Intermediate and international benchmark Brent crude both hit 3½-year highs as the market parsed the American exit from the nuclear deal.

Gasoline prices will likely head higher, but not necessarily because of Trump's nuclear decision, said Tom Kloza, global head of energy analysis at Oil Price Information Service. Instead, the run-up primarily relates to supply and demand, in his view.

Kloza expects global demand for petroleum to outpace supply by about 1 million barrels a day by the middle of the year.

"We don't have a gasoline glut. We don't even have a comfort zone," Kloza told CNBC's "Closing Bell" on Tuesday.

"It's not long term, but you're going to have higher numbers, and you could have drastically higher numbers if you have tropical storm weather during the summer," he added.

During the 2018 driving season, the average American family will pay $200 more for motor fuel compared with last year, Kloza estimates.

The average price at the pump for a gallon of regular gasoline was about $2.83 on Wednesday, nearly 49 cents more than at this time last year, according to AAA.

Oil price hits highest level since 2014 as surplus shrinks .
Crude settled at the highest since 2014 as shrinking U.S. oil, gasoline and diesel stockpiles signaled tightening global supplies. Futures ended Wednesday’s session 0.3 percent higher in New York after fluctuating between gains and losses. An International Energy Agency forecast for less robust energy demand overshadowed a U.S. government tally showing record overseas demand for American crude and declining domestic stockpiles of oil and fuels.

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Retail gasoline prices jump to a 2-year high after Hurricane Harvey - www.marketwatch.com

Labor Day weekend traditionally signals the end of the summer driving season. But as drivers pack up for holiday, pump prices for gasoline are the highest since 2015, thanks in large part to Hurricane Harvey .

Retail gasoline prices jump to a 2-year high after Hurricane Harvey - www.cetusnews.com

But as drivers pack up for holiday, pump prices for gasoline are the highest since 2015, thanks in large part to Hurricane Harvey . That’s the highest pump price since September 2015, the data showed.

Gasoline Prices Jump in Harvey ’s Wake - WSJ - www.wsj.com

Gasoline prices surged to a two-year high at the pump Thursday after the owner of the largest pipeline in the U.S. reported that shipments are being sharply curtailed, spreading the economic pain from Hurricane Harvey throughout the nation.

Retail gasoline prices surged 25 cents in the week that ended on Tuesday, the biggest gain since 2005, when Hurricane Georgia has jumped to $2.73 a gallon, up nearly 53 cents from last month. As far away as New York, the current price of $2.82 a gallon is 35 cents higher than a month ago.

In the wake of Hurricane Harvey a tarnished fuel is getting a boost: diesel. Moreover, the "reconstruction of areas affected by Harvey will also result in higher U.S. demand for Gasoline prices rose by roughly 14% last week but have since fallen back to levels before the storm knocked

Spot prices for U.S. gasoline futures RBc1 surged 7 percent to a peak of $1.7799 per gallon, the highest since late July 2015, before easing to The U.S. National Hurricane Center said Harvey was expected to linger through Tuesday, with floods spreading from Texas eastward to Louisiana.

Gas prices spiked overnight and are up about 17 cents a gallon since Hurricane Harvey struck Texas. Drivers are enjoying the cheapest Fourth of July gasoline in more than a decade. Enjoy it while it lasts: Experts say prices will start inching higher soon.

Georgia gas prices now at their highest levels since Hurricane Harvey - www.11alive.com

in full force, gas prices in Georgia have jumped an average of 8 cents over the past week, and are now at their highest since Hurricane Harvey hit the Gulf "Strong demand, tightening supplies, and record- high gasoline exports gave gas prices a boost this week," said AAA spokesman Mark Jenkins.

Gasoline prices jumped to two-year highs Friday as Hurricane Harvey continued to paralyze national price of a gallon of regular unleaded gasoline was $2.519 early on Friday, the highest of 2017. Gasoline futures for October delivery fell on Friday for the first time in five days, or since the

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